NASHVILLE, TENN. — Capstone Land Sales has arranged the $3.5 million sale of a 33-acre plot in Nashville’s Cane Ridge neighborhood. The buyer, Tampa-based 2nd Wave Development, plans to construct a 300-unit multifamily community on the site. The developer plans to break ground this summer. Further details of the community were not released. Adam Klenk, Austin Heithcock, Tyler Mayo and Jonathan Hawks of Capstone represented the buyer in the transaction. An undisclosed local family sold the land.
HOUSTON — JLL has brokered the sale of The Gardens at Spring Shadows, a 384-unit independent living community that is situated on 11.4 acres at 10100 Kempwood Drive in Houston. Units average 740 square feet and feature open floor plans with upgraded features like plank flooring, new cabinetry, granite-look countertops, kitchen pantries, walk-in closets and in-unit washers and dryers. Amenities include two pools, a salon, library, putting green, a dog park and various social areas. Chris Young, Joey Rippel and Bailey Crowell of JLL represented the seller in the transaction. Mark Brandenburg and Chad Russell of JLL arranged a three-year, floating-rate acquisition loan for the buyer through Ready Capital. Both parties involved in the transaction requested anonymity.
CARROLLTON, TEXAS — United Laboratories Manufacturing LLC, a provider of dietary supplements and sports nutrition products, has signed a 131,840-square-foot industrial lease renewal at 1270 Champion Circle in the northern Dallas suburb of Carrollton. Steve Trese of CBRE and Max Knake of Knake Dodge & Co. represented the tenant in the lease negotiations. The representative of the landlord, ML Realty, was not disclosed.
NEW YORK CITY — Amazon has acquired the Lord & Taylor office building in Midtown Manhattan for $1.15 billion, according to the New York Post. The e-commerce giant will use the 660,000-square-foot building at 424-434 Fifth Ave as its New York City headquarters, which will house several thousand employees. A partnership of investors including WeWork-owner Rhone Capital and Saks Fifth Avenue-owner Hudson’s Bay Co. sold the building. The Post reports that as part of the agreement, Amazon will pay $750 million in construction loans that WeWork borrowed to renovate the building. The acquisition follows Amazon’s scrapped plan to open a 4 million-square-foot HQ2 headquarters in Queens, which would have housed 25,000 employees.
HOUSTON — LMI Capital, a Real Estate Capital Alliance (RECA) member, has arranged a $17 million acquisition loan for a 255-unit multifamily asset in northeast Houston. The loan was structured with a floating interest rate and three years of interest-only payments. Jamie Mullin of LMI Capital placed the debt on behalf of an undisclosed borrower. The property name was also not disclosed.
SAN ANTONIO — CBRE has negotiated a 14,996-square-foot retail lease at 4949 NW Loop 410 in San Antonio. P.J. Pfeiffer of Birnbaum Property Group represented the tenant, Goodwill Industries, in the lease negotiations. Andrew Polunsky of CBRE represented the landlord, Summit Income Partners LP.
PARSIPPANY, N.J. — JLL has brokered the sale of Morris Corporate Center 1 & 2, two Class A office buildings totaling 550,000 square feet in Parsippany, located approximately 30 miles west of New York City. The properties are located at 300 Interpace Parkway and 1 Upper Pond Road within the 31-acre Morris Corporate Center and feature four atrium lobbies, two cafés, two conference rooms and a 5,000-square-foot fitness center with locker rooms and a yoga studio. At the time of sale, the properties were 67 leased to tenants including Zurich Insurance, York Risk Services and market research company Ipsos. Jose Cruz, Kevin O’Hearn and Mark Mahasky led a JLL team that represented the seller, an affiliate of Brookwood Financial Partners LLC. The team also procured the buyer, P3 Properties. The sales price was undisclosed.
SEATTLE — CBRE has arranged $115.5 million in refinancing for The Danforth, a 16-story multifamily property located at 1425 Spring St. in Seattle’s First Hill neighborhood. The borrower acquired the 265-unit apartment property in December 2019 from the project developer, Columbia Pacific Advisors. John Lo of CBRE’s Capital Markets’ Debt & Structured Finance group secured the loan from a European lender on behalf of the borrower, an affiliate of the Vanbarton Group. Built in 2018, The Danforth is 96 percent leased and includes a two-level, 45,000-square-foot organic supermarket chain on the ground floor, as well as other residential amenities. The property is located at the corner of Broadway and East Madison Street and offers 358 underground parking stalls.
HOUSTON — Locally based brokerage firm Finial Group has secured a 3,561-square-foot office lease at 14425 Torrey Chase Blvd. on the north side of Houston. Jason Gibbons of Finial Group represented the landlord in the lease negotiations. The representative of the tenant, Fresh Start Therapeutic Services, was not released
MINNEAPOLIS — PCCP, in a joint venture with Capital Partners, has acquired a five-property industrial portfolio in metro Minneapolis for an undisclosed price. The light industrial portfolio spans 557,887 square feet and is currently 87 percent leased. The seller, Scannell Properties, developed three of the buildings within the last year. The specific locations of the properties were not disclosed, but they are situated in three different submarkets within the metro area.